EXHIBIT 12.1
SAN DIEGO GAS & ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
6 Months 6 Months
Ended Ended
1993 1994 1995 1996 1997 6/30/98* 6/30/98**
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Fixed Charges:
Interest:
Long-Term Debt $ 84,830 $ 81,749 $ 82,591 $ 76,463 $ 69,546 $ 29,393 $ 29,393
Short-Term Debt 6,676 8,894 17,886 12,635 13,825 4,981 4,981
Rate Reduction Bonds -- -- -- -- -- -- 21,655
Amortization of Debt
Discount and Expense,
Less Premium 4,162 4,604 4,870 4,881 5,154 3,615 3,615
Interest Portion of
Annual Rentals 9,881 9,496 9,631 8,446 9,496 4,317 4,317
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Total Fixed
Charges 105,549 104,743 114,978 102,425 98,021 42,306 63,961
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Preferred Dividends
Requirements 8,565 7,663 7,663 6,582 6,582 3,291 3,291
Ratio of Income Before
Tax to Net Income 1.79353 1.83501 1.78991 1.88864 1.91993 1.77427 1.77427
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Preferred Dividends
for Purpose of Ratio 15,362 14,062 13,716 12,431 12,637 5,839 5,839
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Total Fixed Charges
and Preferred
Dividends for
Purpose of Ratio $120,911 $118,805 $128,694 $114,856 $110,658 $ 48,145 $ 69,800
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Earnings:
Net Income (before
preferred dividend
requirements) $215,872 $206,296 $219,049 $222,765 $238,232 $ 77,363 $ 77,363
Add:
Fixed Charges
(from above) 105,549 104,743 114,978 102,425 98,021 42,306 63,961
Less: Fixed Charges
Capitalized 1,483 1,424 2,040 1,495 2,052 613 613
Taxes on Income 171,300 172,259 173,029 197,958 219,156 59,900 59,900
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Total Earnings for
Purpose of Ratio $491,238 $481,874 $505,016 $521,653 $553,357 $178,956 $200,611
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Ratio of Earnings
to Combined Fixed
Charges and Preferred
Dividends 4.06 4.06 3.92 4.54 5.00 3.72 2.87
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* Not including interest for rate reduction bonds.
** Including interest for rate reduction bonds.